Battery Recycling Market Size and Growth-2021
Battery Recycling Market overview:
The battery recycling industry is predicted to raise from USD 17.2 billion in the year 2020to USD 23.2 billion by the end of year 2025, with a current CAGR of 6.1%between 2020 and 2025. Battery recycling refers to the collection of batteriesfrom a variety of sources, including automotive, industrial and consumer, andrecovery of metals from components through recycling. The worldwide marketestimate includes the revenue generated from the sale of these recovered metalsor weather elements that are employed for battery recycling or otherapplications. These batteries contain various heavy metals and toxic chemicals,and their disposal as ordinary waste has raised concerns about soilcontamination and water contamination. Recycling also helps reduce energyconsumption and manufacturing costs around the world.
Impact of Covid 19 on the BatteryRecycling Market:
The battery industry has grown at an impressive rate over thepast two decades, supported by the growing call for power from modern portableconsumer electronics, electric vehicles, and the growing adoption of powergeneration. intermittent renewable. The COVID-19 pandemic has slowed downbattery supply chains as most battery cells are manufactured in China,highlighting the overwhelming dependence on China and the risks associated withthe supply chain. This has sparked the interest of various stakeholders inlocalizing / regionalizing supply chains in the US and EU regions to mitigatesupply chain risks.
Battery Recycling Market drivers andrestraints:
Reasons for the expansion of the battery recycling marketinclude growing concerns about rare metal and precious earth depletion, escalatingcall for recycled batteries and other materials, and stringent government andEPA regulations. The worldwide battery recycling market is predicted to seeprofitable expansion opportunities during the foreseen period. This isattributed to the reduction of the toxic effect of the metals employed inbatteries and the second application of similar metals through recycling.Additionally, the high recycling rate associated with lead-acid batteries andthe increased focus on lithium-ion batteries are further driving the expansionof the worldwide battery recycling market. On the contrary, the complicationrelated to lithium-ion batteries is predicted to hamper overall market expansionduring the foreseen period. The escalating emphasis on lithium ion batteryrecycling is one of the recent trends in the battery recycling market seen inrecent years. Escalating stringent government regulations regarding the controlof environmental risks during battery manufacturing and disposal is a keyfactor that is predicted to drive worldwide market expansion during the foreseenperiod. Additionally, increased government regulations to control pollution andgreenhouse gas emissions are other factors likely to drive expansion in thetarget market. Furthermore, the growing awareness of recycling among people andthe escalating adoption of employed batteries in automotive and industrialapplications are other factors that will likely support the expansion of thismarket in the near future. In addition, the escalating call for batteryrecycling in various applications such as material extraction, reconditioning,reuse and disposal is predicted to drive worldwide market expansion during the foreseenperiod.
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Report segmented as:
By source:
· Automotive batteries
· Industrial batteries
· Consumer &electronic appliance batteries
Geographical analysis:
The Asia-Pacific region is predicted to dominate the batteryrecycling market during the foreseen period. The market in this region is also predictedto experience the highest CAGR from 2020 to 2025. Escalating call for electricvehicles and escalating environmental regulations are responsible for the expansionof the battery recycling market in Asia-Pacific. In this region, the batteryrecycling market is mainly driven by China. The market in Europe dominates the worldwidemarket in terms of revenue, due to strict government regulations for thepreservation of the environment, such as the EU Battery Directive in severalcountries in the region. The North American market is predicted to representthe second highest share of the target market during the foreseen period, dueto the growing call for UPS systems in the commercial sector and the growingadoption of electric vehicles in several countries in the region. TheAsia-Pacific market is predicted to register significant expansion in CAGRterms during the foreseen period, due to the increase of the automotive sectorin the developing countries of the region.
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